Republican tax proposals to call for sharp cut in corporation tax

Nellie Chapman

President Donald Trumpsaid Wednesday his tax-reform plan would "deliver historic tax relief to the American people" and would "dramatically reform America's outdated, complex, and extremely burdensome tax code".

The Trump administration is also proposing a move away from the current worldwide tax system to a territorial system, allowing companies to send their offshore profits back to the US without incurring extra taxes.

President Donald Trump came to Indianapolis Wednesday to call for the largest tax cut in USA history, promoting the Republican-led tax reform as "pro-jobs, pro-worker and pro-family". "We're closer than ever to finishing what we started for American people".

He promised to simplify the tax code to make the economy more competitive with the world, bringing more jobs back to the United States. The loss of the state/local tax writeoff would be felt by those in high-tax states, including New Jersey and Pennsylvania. "They can call me all they want". "It's not going to help. And are we cutting regulations", Trump said. "That's good for everyone".

President Donald Trump will continue his outreach across the aisle Wednesday when he flies to IN with Democratic Sen.

"It's time for Washington to learn from the wisdom of IN", the president said.

The framework also benefits lower- and middle-income earners by doubling the basic standard deduction to $12,000 for individuals and $24,000 for married couples.

Also, the seven existing tax brackets for taxable income would be reduced to three: 12 percent, 25 percent and 35 percent.

The White House officials also said the plan would increase the projected debt by as much as House and Senate members choose to allow in their budget resolution for the tax bill.

Later today President Trump heads to IN to lay out his tax reform plan. The administration also intends to add a $500 tax credit for non-minor dependents, such as an older adult parents are caring for or an elderly grandparent who lives with the family.

The estate tax, which largely hits the wealthy, would be axed.

Trump would nonetheless be able to take advantage of this "small business" provision, paying tax on his income from these entities at a rate of 25% when other high-income taxpayers would pay at rates up to 35%.

Under the framework, the top individual tax rate would be 35% and the corporate tax rate would be 20% (Trump had been calling for a 15% corporate tax rate). And the highest current tax bracket of 39.6 percent, which applies to income over $418,400 for single filers, would be eliminated. Joe Donnelly (D-Ind.), who's up for re-election next year.

Walters says Trump checked on the officer's condition, thanked him for serving and wished him well in his recovery.

"I know many of them".

"I think this is an opening salvo", Rice told Business Insider of the framework.

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